Absa Group has sold its 50 percent shareholding in an Angolan bank, the SA banking giant said on Friday.

Absa disposed of its 50 percent shareholding in Banco Comercial Angolano Sarl (BCA) to six of the current BCA Angolan shareholders for an undisclosed sum, Absa said in a statement.

"Absa Group's strategy is to obtain controlling shareholdings in banks in selected countries in Africa.

"Absa was unable to obtain outright control of BCA and has therefore decided to dispose of its shareholding."

The banking giant said its sale of its interest in BCA would re-instate full ownership of the bank in the hands of the Angolan shareholders.

"Angola remains an attractive market to Absa and the group shall consider opportunities to invest should they arise."

Sapa

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